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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capital Financial Holdings Inc (CE) | USOTC:CPFH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.11 | 0.00 | 01:00:00 |
CAPITAL FINANCIAL HOLDINGS, INC.
|
(Exact name of
registrant as specified in its charter)
|
North
Dakota
|
45-0404061
|
(State or other
jurisdiction
|
(I.R.S.
Employer
|
of
incorporation or organization)
|
Identification
No.)
|
1821
Burdick Expressway W
|
Minot, North
Dakota 58701
|
(Address of
principal executive offices) (Zip code)
|
(701)
837-9600
|
(Registrant's
telephone number, including area code)
|
Large
accelerated filer
|
☐
|
|
Accelerated
filer
|
☐
|
Non-accelerated
filer
|
☐
|
|
Smaller
reporting company
|
☒
|
PART I
|
FINANCIAL INFORMATION
|
Page #
|
|
|
|
Item
1.
|
Financial
Statements
|
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets -
|
|
|
March
31, 2018 and December 31, 2017
|
3
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Operations -
|
|
|
Three
Months Ended March 31, 2018 and 2017
|
5
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows -
|
6
|
|
Three
Months Ended March 31, 2018 and 2017
|
|
|
|
|
|
Notes
to Unaudited Condensed Consolidated Financial
Statements
|
7
|
|
|
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
11
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
15
|
|
|
|
Item
4.
|
Controls
and Procedures
|
15
|
|
|
|
PART II
|
OTHER INFORMATION
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
16
|
|
|
|
Item
1A.
|
Risk
Factors
|
16
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
16
|
|
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
16
|
|
|
|
Item
4.
|
Removed
and Reserved
|
16
|
|
|
|
Item
5.
|
Other
Information
|
16
|
|
|
|
Item
6.
|
Exhibits
|
16
|
|
|
|
|
SIGNATURES
|
|
ITEM 1.
|
Financial Statements
|
|
(Unaudited)
|
|
|
March
31,
2018
|
December
31,
2017
|
CURRENT
ASSETS
|
|
|
Cash and cash
equivalents
|
$
1,825,423
|
$
1,794,896
|
Accounts receivable
(net of an allowance of $24,000 for 2018 and 2017)
|
1,724,824
|
1,824,995
|
Prepaids
|
84,024
|
55,466
|
|
|
|
|
|
|
Total
current assets
|
$
3,634,271
|
$
3,675,357
|
|
|
|
PROPERTY
AND EQUIPMENT
|
|
|
|
|
|
|
|
|
Land
|
$
98,409
|
$
98,409
|
Building
|
1,096,945
|
1,096,946
|
Furniture, fixtures
and equipment
|
345,128
|
348,363
|
Less
accumulated depreciation
|
(287,132
)
|
(271,747
)
|
|
|
|
|
|
|
Net
property and equipment
|
$
1,253,350
|
$
1,271,971
|
|
|
|
OTHER
ASSETS
|
|
|
Deferred tax asset
– non-current
|
$
240,887
|
$
187,931
|
|
|
|
Total
other assets
|
$
240,887
|
$
187,931
|
|
|
|
TOTAL
ASSETS
|
$
5,128,508
|
$
5,135,259
|
|
(Unaudited)
|
|
|
March
31,
2018
|
December
31,
2017
|
CURRENT
LIABILITIES
|
|
|
Accounts payable
and accrued expenses
|
$
443,010
|
$
496,875
|
Commissions
payable
|
1,947,829
|
2,029,467
|
Income taxes
payable
|
57,308
|
10,859
|
Other current
liabilities
|
8,442
|
1,749
|
|
|
|
Total
current liabilities
|
$
2,456,589
|
$
2,538,951
|
|
|
|
NON
CURRENT LIABILITIES
|
|
|
Building
mortgage
|
$
664,643
|
$
672,426
|
|
|
|
Total
noncurrent liabilities
|
$
664,643
|
$
672,426
|
|
|
|
TOTAL
LIABILITIES
|
3,121,232
|
$
3,211,377
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
Series A preferred
stock – 5,000,000 shares authorized, $.0001 par
value;
3,050,000 and
3,050,000 shares issued and outstanding, respectively
|
$
305
|
$
|
Additional paid in
capital – Series A preferred stock
|
1,524,695
|
1,524,695
|
Common stock
– 1,000,000,000 shares authorized, $.0001 par value;
1,241 and 1,241 shares issued and
outstanding, respectively
|
1,241
|
1,241
|
Additional paid in
capital – common stock
|
10,221,515
|
10,221,515
|
Accumulated
deficit
|
(8,440,480
)
|
(8,523,873
)
|
Less Treasury
stock, 3,050,000 preferred shares at $0.4262
|
(1,300,000
)
|
(1,300,000
)
|
|
|
|
TOTAL
STOCKHOLDERS’ EQUITY
|
$
2,007,276
|
1,923,883
|
|
|
|
TOTAL
LIABILITIES AND
STOCKHOLDERS'
EQUITY
|
$
5,128,508
|
5,135,259
|
|
(Unaudited)
Three Months
Ended
March
31,
|
|
|
2018
|
2017
|
REVENUES
|
|
|
Fee
income
|
$
450,012
|
$
315,791
|
Commission
income
|
3,474,364
|
3,508,998
|
Other
income
|
|
–
|
Other fee
income
|
21,109
|
98,647
|
Total
revenue
|
$
3,945,485
|
$
3,923,436
|
|
|
|
EXPENSES
|
|
|
Compensation and
benefits
|
318,611
|
386,497
|
Commission
expense
|
3,250,644
|
3,282,574
|
General and
administrative expenses
|
222,830
|
294,111
|
Depreciation
|
15,385
|
11,398
|
|
|
|
Total
operating expenses
|
$
3,807,470
|
$
3,974,580
|
|
|
|
INCOME
(LOSS) OF CONTINUING OPERATIONS
|
$
138,015
|
$
(51,144
)
|
|
|
|
OTHER
INCOME/EXPENSES
|
|
|
Interest
expense
|
$
(8,173
)
|
$
(5,794
)
|
Other
income
|
|
547
|
Total
other income (expense)
|
|
$
(5,247
)
|
|
|
|
INCOME
(LOSS) OF CONTINUING OPERATIONS BEFORE INCOME TAX
|
$
129,842
|
$
(56,391
)
|
|
|
|
INCOME
TAX BENEFIT (EXPENSE)
|
$
(46,449
)
|
$
(13,404
)
|
|
|
|
NET
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
|
$
83,393
|
$
(69,795
)
|
|
|
|
DISCONTINUED
OPERATIONS
|
$
–
|
$
(22,315
)
|
|
|
|
NET
INCOME (LOSS)
|
$
83,393
|
(92,110
)
|
|
|
|
NET
INCOME (LOSS) PER COMMON SHARE,
BASIC
AND DILUTED:
|
|
|
Continuing
|
$
67
|
(56
)
|
Discontinued
|
$
–
|
(18
)
|
|
|
|
WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
Basic and
diluted
|
1,241
|
1,241
|
|
Number
of
Options
|
Weighted
Average Exercise Price per Share
|
Weighted
Average Grant Date Fair Value
|
Aggregate
Intrinsic
Value
|
Outstanding on
January 1, 2017
|
207
|
$
8,692
|
$
4,435
|
$
–
|
Granted
|
–
|
–
|
–
|
|
Exercised
|
–
|
–
|
–
|
|
Canceled
|
39
|
–
|
–
|
|
Outstanding on
December 31, 2017
|
168
|
$
5,000
|
$
3,844
|
$
–
|
Granted
|
–
|
–
|
–
|
|
Exercised
|
–
|
–
|
–
|
|
Canceled
|
1
|
–
|
–
|
|
Outstanding on
March 31, 2018
|
167
|
$
4,538
|
$
4,190
|
$
-
|
|
Three Months
Ended March 31, 2018
|
Three Months
Ended March 31, 2017
|
||||
|
Numerator
|
Denominator
|
Per
Share
Amount
|
Numerator
|
Denominator
|
Per
Share
Amount
|
Net (Loss) Income
of
continuing
operations
|
$
83,393
|
|
|
$
(69,795
)
|
|
|
Less: Preferred
Stock Dividends
|
|
|
|
–
|
|
|
Income of
Continuing Operations Available to Common Shareholders –
Basic and diluted Earnings per Share
|
$
67
|
1,241
|
$
( )
|
$
(69,795
)
|
1,241
|
$
(56
)
|
As of, and for the three months
ended, March 31, 2018
|
Holding
Company
|
Broker-Dealer
Services
|
Total
|
Commissions
and fee income
|
$
–
|
3,924,376
|
3,924,376
|
Other
fee income
|
$
–
|
21,109
|
21,109
|
|
|
|
|
Interest
expense
|
$
8,173
|
–
|
8173
|
Depreciation
|
$
5,760
|
9,656
|
15,386
|
Income
(loss) before income tax benefit (expense)
|
$
(49,590
)
|
179,432
|
129,842
|
Income
tax benefit (expense)
|
$
-
|
46,449
|
46,449
|
Net
income (loss) of continued operations
|
$
(49,590
)
|
132,983
|
83,393
|
Segment
assets of continued operations
|
$
1,763,981
|
3,364,527
|
5,128,508
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2018
|
2017
|
Net Gain
(Loss)
|
$
83,393
|
$
(92,110
)
|
Gain (Loss) per
share:
|
|
|
Basic and
diluted
|
$
67
|
$
(56
)
|
Period
|
Total Number
of Shares Purchased
|
Average Price
Per Share
|
Total Number
of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Approximate
Dollar Value of Shares That May Yet Be Purchased Under the Plans or
Programs
|
January
2018
|
–
|
–
|
–
|
$
597,754
|
February
2018
|
–
|
–
|
–
|
$
597,754
|
March
2018
|
–
|
–
|
–
|
$
597,754
|
Total
|
–
|
–
|
–
|
$
597,754
|
CEO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act and
Rules 13a-14(a) and 15d-14(a) of the Exchange Act
|
|
CFO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act and
Rules 13a-14(a) and 15d-14(a) of the Exchange Act
|
|
CEO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act and
18 U.S.C. Section 1350
|
|
CFO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act and
18 U.S.C. Section 1350
|
101.INS
|
XBRL
Instance Document
|
101.SCH
|
XBRL
Taxonomy Extension Schema
|
101
CAL
|
XBRL
Taxonomy Extension Calculation Linkbase
|
101
DEF
|
XBRL
Taxonomy Extension Definition Linkbaset
|
101
LAB
|
XBRL
Taxonomy Extension Label Linkbase Document
|
101
PRE
|
XBRL
Taxonomy Extension Presentation Linkbase
|
|
|
CAPITAL FINANCIAL HOLDINGS, INC.
|
|
|
|
Date:
|
May 22,
2018
|
By /s/
Gordon Dihle
|
|
|
Gordon
Dihle
|
|
|
Interim
Chief Executive Officer & President
(Principal
Executive Officer)
|
Date:
|
May 22,
2018
|
By /s/
Nicole Bertsch
|
|
|
Nicole
Bertsch
|
|
|
Interim
Chief Financial Officer
|
|
|
(Principal
Financial Officer)
|
1 Year Capital Financial (CE) Chart |
1 Month Capital Financial (CE) Chart |
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